LATEST FINANCIAL NEWS

Current passport fees

Travel options for going abroad are slowly starting to reopen. From 17 May 2021, international leisure travel from England will no longer be illegal but strict border control measures remain in place....

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Jobseeker’s Allowance

The Jobseeker’s Allowance (JSA) is a benefit for those usually aged over 18 who are either not working or who are currently working less than 16 hours per week. Applicants must be capable of working...

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Taking money out of a limited company

There are a number of ways a director can extract money from their limited company. The money can usually be withdrawn in one or more of the following ways. For most directors, the optimum way to...

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IHT immediately chargeable transfers

There are special rules concerning the liability to IHT on a transfer made during a person's lifetime. Most gifts made during this period are not subject to tax at the time of the gift. These...

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Charging VAT on discounts and free gifts

When VAT registered traders issue an invoice to a customer, they must seek to ensure that the correct rate of VAT is charged. Whilst most businesses in the UK charge VAT at the standard rate of 20%...

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Importing goods into the UK

There are special procedures for importing goods into the UK. Following the end of the Brexit transition period, the process for importing goods from the EU effectively mirrors the process for all...

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Holiday update

As lockdown is being eased and opportunity to holiday opens, we felt it might be useful to set out bank holiday dates for the UK regions for the rest of this year. England and Wales -...

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Taxing your car

The instructions to tax your car on the GOV.UK website is reproduced below: To tax your car, motorcycle or other vehicle you will need to use a reference number from: a recent reminder (V11) or...

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Reminder to look out for tax credit renewal packs

HMRC has begun sending the annual tax credit renewal packs to some 2.5 million tax credit claimants and is encouraging recipients to renew their tax credits claim online. The packs are being sent out...

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Mobile phone exempt costs

When an employee incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to...

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COVID support grants that are taxable

We would like to remind readers that existing legislation is in place to ensure that COVID support grants are treated as taxable income in the same way as other taxable receipts. The grants are...

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CIS – types of work and businesses affected

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. The CIS covers all construction work carried out in...

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